Tax Update

Welcome to Accountancy Age’s new regular tax update. Designed for the busy professional, it provides a quick reference check, complete with numbers to call and Web addresses to visit for more information.

Inland Revenue

The regulations governing operation of the new Individual Savings Account, or ISA, have been unveiled. These includes changes to the original proposals following a consultation process. (Release dated 31 July 1998.)

The latest retail price index is now available, covering the month of July 1998. The RPI is rated at 163.0. (Release dated 19 August 1998.)

For more information, call 0171 438 6420; press releases can be viewed on the Internet at

English ICA Tax Faculty

Companies’ capital gains (Ref: TAX 21/98): a memorandum sent to the Revenue in response to the on-going consultation on how companies’ capital gains tax can be reformed.

Corporation tax (Ref: TAX 22/98): letters sent to the Revenue highlighting problems relating to the treatment of unrelieved surplus ACT.

The Tax Faculty of the English ICA is the focus for the institute’s work in taxation. More details can be obtained by calling 0171 920 8646.

Customs & Excise

The latest Business Brief (Ref: 17/98) provides guidance on the VAT treatment of charges made by businesses for payment by credit card.

Customs & Excise press releases can be viewed on the Internet at the following address:

Related reading